Company Accounts

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1.  B Ltd. issued shares of Rs.10 each at a discount of 10%. Mr. C purchased 30 shares and paid Rs.2 on application but did not pay the allotment money of Rs.3. If the company forfeited his entire shares, the forfeiture account will be credited by  
A.
B.
C.
D.
2.  A company issued 1,00,000 equity shares of Rs.10 each at a premium of Rs.2 and 5,000 10% Debentures of Rs.100 each at 10% discount. All the shares and debentures were subscribed and allotted by crediting 10% Debentures account with  
A.
B.
C.
D.
3.  Manish & Co. Ltd forfeited 100 shares of Rs.10 each, Rs.8 called up. Rs.4 paid on application; the amount to be forfeited is  
A.
B.
C.
D.
4.  1. 50,000 equity share of Rs.100 each fully called up 2. Calls in arrears Rs.50,000 3. Proposed dividend 20%  
A.
B.
C.
D.
5.  Xeta Ltd. was formed as a Public Limited Company with an authorized capital of Rs.20,00,000 divided into shares of Rs.10 each. Xeta Ltd. issued fully paid up shares of Rs.10/-each in consideration of acquiring assets worth Rs.3,80,000 from M/s Rahim Bros. The shares are issued at a premium of 20%. to record this transaction, share capital need to be credited by  
A.
B.
C.
D.
6.  3,000 shares of Rs. 10 each of Krishna were forfeited by crediting Rs. 5,000 to share forfeiture account. Out of these, 1,800 shares were re-issued to Radhe for Rs. 9 per share. The amount to be transferred to capital reserve account will be  
A.
B.
C.
D.
7.  Ashok Ltd purchased land and building from Vivek Ltd for a book value of Rs.2,00,000. The consideration was paid by issue of 12% debentures of Rs.100 each at a discount of 20%. The debenture account is credited witha
A.
B.
C.
D.
8.  X Ltd. forfeited 100 shares of Rs. 10 each issued at a discount of 10% to Ravi on which he had paid Rs. 2.50 per share on application and Rs. 2.50 per share on allotment. But on which he had not paid Rs. 2 on first call share capital in case of forfeiture will be debited by
A.
B.
C.
D.
9.  Gopal Ltd issued 20000, 8% debentures of Rs.10 each at par which are redeemable after 5 years at a premium of 20%. The amount of loss on redemption of debenture to be written off every year will be  
A.
B.
C.
D.
10.  Premium on redemption of debentures is recorded on the liability side under the heading.  
A.
B.
C.
D.
11.  Jadu Ltd. reissued 2,000 shares, which were forfeited by debiting Share for feiture account by Rs.3,000. These shares were reissued Rs. 9 per share. The amount to be transferred to Capital Reserve account will be  
A.
B.
C.
D.
12.  On 1st Jan. 2001, a Limited Co. issued 14% Rs. 1,00,000 debentures at a discount of 6% repayable at the end of 5 years. Amount of discount to be written off every year will be  
A.
B.
C.
D.
13.  Preference shares amounting to Rs.1,00,000 are redeemed at a premium of 5% by issue of shares amounting to Rs.50,000 at a premium of 10%. The amount to be transferred to capital redemption reserve account will be  
A.
B.
C.
D.
14.  Chandra Ltd. issued 15,000 equity shares of 100 each at a discount of 5%.Payments were made as -on application Rs. 25; on allotment Rs. 35 and Rs.35 on first and final call. Applications for 14000 shares were received and all were accepted. All the money was duly received except the first and final call on 200 shares cash book Balance will be  
A.
B.
C.
D.
15.  Ravi Ltd. issued 1,40,00,000, 9% debentures of Rs.100 each at a discount of 6%, redeemable at a premium of 5% after 3 years payable as Rs.50 on application and Rs.44 on allotment. Total amount of discount/loss on issue of debenture will be  
A.
B.
C.
D.
16.  Interest  is calculated on
A.
B.
C.
D.
17.  Mr. Bajaj who was the holder of 200 Equity shares of Rs.100 each of Canny Ltd., on which only Rs.75 per share has been called up, couldn't pay his dues on allotment and first class each at Rs.25 per share. The director forfeited the above shares & reissued 150 of such shares to Mr. Birla at Rs.65 per share paid up as Rs.75 per share. The amount to be transferred to capital reserve account will be  
A.
B.
C.
D.
18.  The paid up capital of the company consisted of 3000 6% preference shares of Rs. 100 each and 40,000 equity shares of Rs. 10 each. Last year's profit is Rs. 31,000; Current Year's profit Rs. 52,000; The following appropriations were passed at the annual general meeting of the company (i)   To pay the years dividend on preference shares. (ii)  To pay final dividend on equity shares at 50 paise per share (iii)  To transfer Rs. 5,000 to General reserve. The balance of Profit and Loss appropriation A/c to be transferred to Balance Sheet will be  
A.
B.
C.
D.
19.  Share capital 5,00,000 shares of 10 each Rs. 5 called up Rs. 25,00,000 Calls in arrear Rs. 10,000 Calls in advance Rs. 15,000 Directors decide to provide 10% for dividend on share capital. Amount of proposed dividend will be____________.  
A.
B.
C.
D.
20.  Preliminary expenses in connection with flotation of a new company is  
A.
B.
C.
D.
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